Former Kubient CEO Paul Roberts was sentenced to a year in prison for orchestrating a fraudulent scheme involving fake financial records. Roberts conspired to inflate the company's revenue by generating fictitious reports using KAI, their fraud detection software, and charged an unnamed company $1.3 million for non-existent services. This deception played a critical role in misleading auditors and permitting Kubient to present inflated revenue during its public offering in 2020. SEC charges followed with Roberts ultimately pleading guilty, highlighting serious oversight failures within the company.
Roberts directed Kubient employees to generate fake KAI reports based on made-up metrics and no underlying data at all.
Despite doing no work of value, Kubient charged the other company $1.3 million and then recognized that as revenue.
Roberts used the fake reports generated for the unnamed company to convince Kubient's auditors the $1.3 million of revenue was real.
In May 2024 Kubient announced a plan to partner with Adomni, promising to enhance advertising campaigns.
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